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Bank of Albania BANK OF ALBANIA 1 OUR NATIONAL CURRENCY IN BRIEF The history of our national currency starts concurrently with the creation of the National Bank of Albania, established on 2 September 1925. The Bank was created upon the signing of the convention between an Italian financial group led by Mario Alberti and the government of Ahmet Zogu. The convention defined that the bank, apart from lending, had the exclusive right to issue legal tender banknotes, gold and other metal coins for payments in Albania. This may be called the first currency issuing national institution, but our history shows that the coins had first been struck since IV century B.C., in the Illyrian cities of Dyrrachium (Durrës) and Apollonia (Pojan near Fier). Albania had a central bank for the first time in 1913, following the agreement of the Government of Ismail Qemali with Karol Pitner and Oskar Pollak, representatives of the Austro-Hungarian banking group Weiner Bank Verein, as well as with Pietro Fenolio and Guido Ansbaher, representatives of the Italian banking group Banca Commerciale Italiana. This institution was short lived, due to the political instability of the time and the beginning of World War I. When the bank was created in 1925, many currencies from different countries were circulating in Albania, thus the National Bank of Albania undertook measures to substitute them with a single Albanian currency. The golden frang, with its subunits (lek and cents, where 1 frang was equal to 5 lek and 100 cent) and its multiples 5, 20 and 100 golden frang was chosen as the currency of Albania. The denomination 5 lek / 1 golden frang was the first issued banknote. It did not survive long because of the objection expressed by the Albania government at the time, about the Roman style one-headed eagle, instead of the two-headed eagle, symbol of our nation. 2 During 1926, the National Bank of Albania issued: • Banknotes 5, 20, and 100 golden frang • Gold coins 20 and 100 golden frang, silver coins 2 and 5 golden frang, and other coins 5 cent, 10 cent, ¼ lek, ½ lek and 1 lek. At the end of World War II, all the functions and the obligations of the National Bank of Albania ceased to exist. The bank itself was nationalized in 1945 and the State Bank of Albania was created. The year 1947 marked a significant milestone for our national currency. The Decree Law dated 7 July 1947, designated the Albanian lek as the national monetary unit, thus substituting the golden frang, which was withdrawn definitively from circulation. From this moment on, the lek banknotes would occasionally change their symbolism and dimensions. Another milepost in the history of our national currency is 1965, when the value between the Albanian lek in use since 1947 and the new lek issued that year was divided by 10 lek (issues of 1947, 1957) = 1 lek (1964 and following). Also, cents (Alb: qindarka) were issued for the first time. 3 In the wake of the political changes in 1991, the banknote security features would also change, with the security thread inserted in the 100 lek banknote for the first time. The Bank of Albania was established as the central bank in 1992. Amongst its main functions, it was the exclusive issuer of the national currency, banknotes and coins, being legal tender within the territory of the Republic of Albania. Since its first year, the Bank of Albania, in an ambit of great socio-political changes in the country, was faced with the necessity of increasing the quantity of the currency in circulation as well as changing the structure of its denomination. As a consequence, that year the thematic of each denomination was changed, following freedom from impositions from the political system. Also, for the first time in the post-war issues, the signatures of the Governor and the Director of the Issue and Currency Administration Department were printed on the banknotes. In the following years, the demand of the economy for currency grew constantly. In 1995, driven by the responsibility to respond to this demand as best as possible with an adequate structure of denominations, the Bank of Albania performed studies for a new issue of coins and banknotes. The issue emission was designed with an entirely new thematic; the coin series consisted of six denominations: 1, 5, 10, 20, 50, and 100 lek. The banknote series consisted of 5 denominations: 100, 200, 500, 1000, 5000 lek, which have been re-issued several times, since then, improving the security features, which have enhanced significantly the confidence in the currency and made it stronger against counterfeiting. In the reissue, the design has been conserved, but, apart from the security features, the signatures on the banknotes have changed, as well. Today, the six coin denominations and five banknote denominations are still in circulation, but the 100 lek denomination banknote 4 has been withdrawn, leaving only the 100 lek coin in circulation. Meanwhile, the 2000 lek denomination has been added to the banknote series. The theme chosen by the Bank of Albania for the banknotes currently in circulation adheres to the concept of representing the historical periods through respective prominent personalities. CURRENT BANKNOTE SERIES REPRESENT THESE PERIODS: 2000 lek banknote represents the Illyrian period (the portrait of the Illyrian King Gent); 5000 lek banknote represents the so-called Skanderbeg’s period (his portrait); 1000 lek banknote represents the Middle Ages (the portrait of Pjetër Bogdani); 200 lek banknote represents the National Awakening (the portrait of Naim Frashëri); 500 lek banknote represents the Independence (the portrait of Ismail Qemali). 5 200 LEK BANKNOTE Banknotes issued by the Bank of Albania reflect significant historical periods for the Albanian people by featuring representative personalities of these periods. The portrait of the notable poet and patriot Naim Frashëri, a symbol of the National Renaissance period is featured in the 200 lek banknote, issue of 1996, re-issued in 2001 and again in 2007. His portrait, is complemented in this banknote with other graphic elements.. The symbolism depicted by such elements, on both sides of the banknote, reminds us of the significance of the works of Naim Frashëri and the love for the motherland expressed through his works. Thus, on the obverse we find the portrait of the writer and an open book in the background. On the reverse, we find the house where Naim Frashëri was born and a sheet of paper with his famous verses: “Ti Shqiperi më jep nder, më jep emrin Shqipëtar (Eng: You, Albania, bestow upon me honour and the name Albanian)” and his pen. NAIM FRASHËRI - LIFE AND WORK Naim Frashëri (1846-1900) was born in Frashër, in the province of Përmet. A patriot, writer and renown activist in the sphere of education and Albanian culture, he remains the greatest poet of our National Awakening. His entire literary and cultural activity is tightly related to the liberation and the development of Albania through the spiritual liberation and the enlightenment of its people. Naim Frashëri played an essential role in the enrichment of the Albanian literary language, which he wrote with a particular dedication to the vocabulary and phraseology selected. Relying mostly on the language of the people, Frashëri wrote in a pure Albanian language and made significant efforts for its enrichment, thus elevating it to a developed language, which remains as a legacy of the mind and the creative spirit of the author. 6 7 His creativity is clearly inspired by a deep patriotism and a well-versed love for our country; he was one of the main founders of the magazine “Drita” –Light – (later “Dituria” –Wisdom), where he published his first writings: poetry, erudite prose and poems for the first schools, as well as translations. With his dedication and his relentless patriotic and cultural activity, Naim Frashëri became the central figure of the National Awakening and was labelled, while still alive, as “The Apostle of Albanism”. He died in Istanbul on 20 October 1900. His remains were brought to Albania on 1937 and buried at the Renaissance Memorial in Tirana. Amongst his many works that contributed to the enrichment of Albanian literature that lay at the foundations of our national culture are “Fjalët e qiririt” – The words of the candle, “Istori e Skënderbeut” – History of Skanderbeg, “Luletë e verësë” – The flowers of summer, “Qerbelaja” – Karbala, etj. But, without any doubt his most popular work is the poem “Bagëti e bujqësija” – a pastoral poem reminiscent of Vergil’s Bucolics and Georgics. The obverse of the 200 lek banknote features verses from this poem, a true literary hymn, which conveys the deep love, dedication and pride of the author for the country. 8 9 500 LEK BANKNOTE The first issue of the 500 lek banknote with the current theme is from 1996. It was re-issued in 2001 and 2007 with the same design and dimensions. The new issues aimed at increasing and improving the security and damage resistance elements. In the issue of 2007, the signatures of the Governor and the Director of the Issue Department changed, as well. The obverse features the portrait of Ismail Qemali, the symbol of the two-headed eagle of the Independence flag, together with the pen with which the Independence Act was signed. The reverse features the building where the Independence was declared, the room where the decision was made and the telegraph used to transmit the news of the Declaration of Independence. ISMAIL QEMALI - LIFE AND WORK Ismail Qemali (1844-1919) was born in Vlora. At a young age, he worked for the Foreign Ministry of the Ottoman Empire and, after concluding his studies in Law, he held important administrative functions in this Empire.
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